Nike

The athletic shoe and clothing company is finding a way to shed its megabrand perception, according to Goldman Sachs.

"While we believe their success is a product of innovation, execution, and a culture that breeds success, we also believe these companies have also successfully segmented their brands in a way that markets them as smaller than they are," the analysts write. "Nike, for example, has developed sub-brands like Jordan and Nike SB."

Nike is facing competition from companies like UnderArmour, New Balance, Adidas, and Lululemon. The arms race has led to a rush of innovation, and products that consumers can't resist.

For instance, Nike's Flyknit shoes have been wildly successful.

The Flyknit material, which debuted two years ago, is lightweight, minimalist, and fits like socks.